Licencee …Grid Corporation of Orissa Limited.......................................

Annex- 5

CALCULATION OF CLEAR PROFIT FOR THE ENSUING FINANCIAL YEAR FY 03

AS PER THE SCHEDULE VI OF ELECTRICITY SUPPLY ACT, 1948 PARA - XVII (2)

Rs. in crore

(A)

 

Income derived from :

GRIDCO Poposal 2002-03

2002-03 (With corrective)

2002-03 (Without corrective)

 

i)

Gross receipt from Sale of energy to DISTCOS

1,654.22

1,473.58

1,861.28

   

less: discounts applicable thereto

     
   

Net receipt from Sale of energy to DISTCOS

1,654.22

1,473.58

1,861.28

   

Gross receipt from direct Sale of energy to other than DISTCOS less discounts applicable thereto.

 

323.40

323.40

 

ii)

Rental of meters and other apparatus hired to customer

-

   
 

iii)

****

     
 

iv)

Rents less out goings otherwise provided for

     
 

v)

Transfer fees

     
 

vi)

Investment fixed & call deposits & bank balance

     
 

vii)

Other general receipts accountable for income tax and arising from and ancillary or incidental to business of electricity supply.

 

24.60

27.90

Total of (A) (i to vii)

1,674.14

1,821.58

2,212.58

(B)

 

Expenditure properly incurred on :

     
 

i)

Cost of Purchase of Energy

1,636.11

1,420.60

1,688.34

 

ii)

Transmission Cost (O/M)

     
 

a)

Employees cost

115.08

86.17

86.17

 

b)

Material

28.73

17.43

17.43

 

c)

A&G expenses

26.80

13.51

13.51

 

d)

Amortisation of approved investment for restoring damages due to cyclone.

   

4.42

 

iii)

Rents, rates & taxes, other than all taxed on income and profit

     
 

iv)

Interest on loan advanced by Board

284.07

135.60

258.85

 

iv.a)

Interest on loan borrowed from Organisation

     
 

iv.b)

Interest on debenture issued by licensee

     
 

v)

Interest on securitisation of new BOND

54.25

54.25

54.25

 

vi)

Legal charges

0.74

   
 

vii)

Bad debts

3.00

   
 

viii)

Auditors fees

0.11

   
 

ix)

Management including managing agents remuneration

     
 

x)

Depreciation

123.78

61.80

61.80

 

xi)

Other expenses (ERLDC)

1.35

1.35

1.35

 

xii)

Contribution to P.F., staff pension and gratuity

   
 

xii.a)

Expenses on apprentice & other training scheme

     
 

xiii)

Bonus

     

Total expenditure i.e. total of (B) (i to xiii)

2,278.44

1,795.12

2,186.11

(C)

 

Special appropriation to cover :

     
 

i)

Previous losses

     
 

ii)

All tax on income and profits

     
 

iii)

Instalments of written down amounts in respect of intangible asset and new capital issue expenses

     
 

iv)

Contribution to contingency reserve

9.92

9.92

9.92

 

v)

Contribution towards arrear depreciation

     
 

v.a)

Contribution to Development Reserve, referred to in para

     
 

v.b)

Debt redemption obligation

     
 

vi)

Other special appropriation permitted by the State Govt.

     

Total of (C) (i to vi)

9.92

9.92

9.92

CLEAR PROFIT (A-B-C)

(614.22)

16.54

16.54

Reasonable Return

118.86

16.54

16.54

Excess or deficit of clear profit over reasonable return

-733.08

0.00

0.00


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